Citi Raises Q3 2026 Brent Forecast to $80, Still Sees Price Falling to $65 in 2027

Citigroup raised its forecast for average Brent crude prices in the third quarter of 2026 to $80 a barrel from $75 on Friday, August 7, 2026 (16 Mordad 1405), Oilprice.com reported. The revision comes as the US-Iran war, now in its fifth month, continues to disrupt normal oil flows through the Strait of Hormuz, with repeated attempts at a deal failing to restore them.

Citi left its fourth-quarter forecast unchanged at $70 and still expects Brent to average $65 in 2027. Brent futures were trading at $83.11 a barrel on Friday afternoon, up $0.62, while West Texas Intermediate gained $0.51 to $77.80.

Goldman Sachs, by contrast, still expects Brent to hold between $80 and $90 until markets get confirmation of a US-Iran agreement or a significant escalation in attacks, and has floated prices as high as $120 a barrel should the Strait of Hormuz remain closed for longer.